20 June 2016 ECOFIN one step away from reaching political agreement on Anti-Tax Avoidance Directive The Economic and Financial Affairs Council of the European Union (ECOFIN or the Council), which is made up of the Finance Ministers of all European Union (EU) Member States, met on June 17, to discuss the latest legislative proposal for the Anti-Tax-Avoidance Directive (ATAD). The ATAD is intended to provide for a legislative implementation of some of the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) recommendations. The discussed ATAD proposal includes rules with respect to six areas: limitation of the deductibility of interest, a General Anti-Abuse Rule (GAAR), Controlled Foreign Company (CFC) rules, hybrid mismatches, exit taxation and a switch-over clause. A Tax Alert prepared by EY's EU Tax Services group, and attached below, provides additional details. Document ID: 2016-1065 |
